The front month wheat market contracts rallied out of the weekend. Chicago prices ended the day 1 ¼ cents off the session high and 12 to 14 ¼ cents in the black. KC closed 7 ½ to 8 ¼ cents in the black for Monday. MGE was 4 ¼ to 5 cents higher for the day.
Weekly wheat export shipments were shown at 302k MT for the week that ended 3/14. That was down from 467k MT the week prior and was 73k MT below the same week last year. The week’s shipment by class was 83k MT of HRW and 74k MT of HRS. USDA also added 63k MT to past reports which had the season’s total shipment at 13.74 MMT. That remains 15.6% behind last year’s export pace.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 12.9 MMT of wheat, for the season-to-date. That is 9.4% below last year, though wheat exports remain 5% above last year’s pace.
Strategie Grains estimated EU wheat output at 121.6 MMT for the 24/25 crop. That was a 1 MMT cut, citing excessive rains.
May 24 CBOT Wheat closed at $5.42 3/4, up 14 1/4 cents,
Jul 24 CBOT Wheat closed at $5.57 1/2, up 13 1/2 cents,
May 24 KCBT Wheat closed at $5.73 3/4, up 7 1/2 cents,
Jul 24 KCBT Wheat closed at $5.67 1/2, up 7 3/4 cents,
May 24 MGEX Wheat closed at $6.50 3/4, up 4 1/4 cents,
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